Oct 2012 Financial News

PCFS shareholders say yes to rebranding

Oct 19, 2012

Shareholders of Pan Caribbean Financial Services (PCFS) gave the green light Thursday for a name change to Sagicor Investments Jamaica Limited (SIJL).

Similarly, its commercial banking subsidiary, PanCaribbeanBank, is to be renamed Sagicor Bank Jamaica Limited.

"Sagicor owns over 85 per cent of PanCaribbean, and Sagicor is a well-respected and reputable brand. Over 90 per cent of Jamaicans recognise the Sagicor brand and we expect to benefit from being more closely associated with Sagicor, the third-largest financial company in Jamaica," PCFS President and Chief Executive Officer Donovan Perkins is quoted as saying at the extraordinary general meeting held at the Sagicor Auditorium in New Kingston.

"Sagicor is strong and profitable, and we are an important contributor to that strength and performance," he said.

Perkins said the company's next move will be a formal application to the Registrar of Companies to have the name change legally done.

"We have already been in communication with our regulators," he said.

The PanCaribbean Group has a total of 1,627 shareholders and has a current market value close to J$12 billion.

PanCaribbean is a member of the Sagicor Jamaica group, both of which are listed on the Jamaica Stock Exchange.

The company's rebranding will eliminate all confusion with the identity of Pan Caribbean Sugar Company, a Chinese-owned operation.

PanCaribbean's name change, however, now creates an acronym, SIJL, that will be shared by a rival securities dealer - Scotia Investments Jamaica Limited. Scotia Investments trades under the SIJL symbol on the stock exchange.


Source:
sabrina.gordon@gleanerjm.com
Jamaica Gleaner
Friday October 19, 2012

http://jamaica-gleaner.com/gleaner/20121019/business/business2.html